HomeMy WebLinkAbout1998 02_Incurring Indebtedness OPWA_1998.03.03CITY OF OWASSO, OKLAHOMA
RESOLUTION NO. 98 -02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA, APPROVING THE INCURRENCE OF INDEBTEDNESS BY THE
OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") IN
CONNECTION WITH THE ISSUANCE OF ITS PUBLIC IMPROVEMENT
REVENUE BONDS, SERIES 1998 (THE "BONDS "); PROVIDING THAT
THE DECLARATION OF TRUST CREATING THE AUTHORITY IS
SUBJECT TO THE PROVISIONS OF THE GENERAL BOND INDENTURE,
AS SUPPLEMENTED AND AMENDED, AUTHORIZING THE ISSUANCE OF
SAID BONDS; WAIVING COMPETITIVE BIDDING AND APPROVING THE
PROCEEDINGS OF THE AUTHORITY PERTAINING, TO THE SALE OF
SAID BONDS; RATIFYING AND CONFIRMI G A LEASE, AS
HERETOFORE AMENDED (THE "LEASE ") BETW EN THE CITY OF
OWASSO (THE "CITY ") AND THE AUTHORITY HEREBY THE CITY
LEASES ITS WATER, SANITARY SEWER, GARBAGE AND TRASH
COLLECTION SYSTEMS AND THE BAILEY RANCH GOLF CLUB TO THE
AUTHORITY; APPROVING THE OFFICIAL STATEMENT PERTAINING TO
SAID BONDS; ESTABLISHING THE CITY'S REASONABLE
EXPECTATIONS WITH RESPECT TO THE ISSUANCE OF TAX- EXEMPT
BONDS IN CALENDAR YEAR 1998; AND CONTAINING OTHER
PROVISIONS RELATING THERETO.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OWASSO, OKLAHOMA:
SECTION 1. Indebtedness Authorized. The Owasso Public Works
Authority (the "Authority ") is hereby authorized to incur an
indebtedness by the issuance of its Public Improvement Revenue
Bonds, Series 1998 (the "Bonds ") , in the amount of $8,500,000,
according to the terms and conditions of a General Bond Indenture
dated as of December 1, 1997, as heretofore supplemented and
amended, and as supplemented and amended by a Series 1998
Supplemental Bond Indenture dated as of March 1, 1998
(collectively, -` -e "Indenture ") , provided that said Bonds shall
never constitut- a debt of the City of Owasso, Oklahoma (the
' °City ")
SECTION 2. Declaration of Trust Subject to Indenture. The
Declaration of Trust dated January 10, 1973, creating the
Authority, is hereby made subject to the terms of the Indenture
authorizing the issuance and securing the payment of the Bonds as
more fully described in Section 1 hereof.
SECTION 3. Waiving Competitive Bidding; Approval of Sale
Proceedings. The waiving of Competitive Bidding for the sale of
said Bonds and the sale of said Bonds by the Authority pursuant to
a Purchase Contract with James Baker & Associates, a Limited
Partnership (the "Underwriter "), is hereby approved and the Mayor
or "Vice Mayor is authorized to approve any changes or additions to
said Purchase Contract which may be approved by the Authority. The
Bonds shall be sold to the Underwriter at a discount of to of the
principal amount thereof.
SECTION 4. Lease. The Authority and the City heretofore
entered into a Lease dated July 31, 1973, as amended by an
Amendment to Lease dated as of July 1, 1996 (collectively, the
"Lease "), whereby the City leased its then existing and thereafter
acquired water, sanitary sewer and garbage and trash collection
systems and the Bailey Ranch Golf Club to the Authority,
(collectively, the "System "), and whereby the Authority agreed to
operate and maintain the same, which Lease, as amended, amends and
supersedes all prior lease agreements between the City and the
Authority pertaining to said systems. The City hereby ratifies and
confirms the Lease in all respects.
SECTION 5. Official Statement. The Official Statement dated
March 3, 1998, outlining the terms, conditions and security for
said Bonds, is hereby adopted and approved and the Mayor or Vice
Mayor is authorized to approve any corrections, additions or
deletions thereto for and on behalf of the City; provided further,
that the information contained in said Official Statement with
respect to the City and the Authority is correct in all material
respects and such information does not contain any untrue
statements of a material fact and does not omit to state a material
fact necessary to make the statements made in such Official
Statement, in light of the circumstances under which they were
made, not misleading.
SECTION 6. City's Expectations. The City of Owasso,
Oklahoma, anticipates that the total amount of tax - exempt
obligations (other than private activity bonds) issued by The
Owasso Public Works Authority or other issuers on behalf of said
City, will not exceed $10,000,000 for calendar year 1998, and the
City hereby designates the Bonds to be qualified tax - exempt
obligations with respect to the financial institution interest
deduction provisions contained in the Internal Revenue Code of
1986, as amended (the "Code ") and authorizes the Mayor or Vice
Mayor to execute and deliver on behalf of the City a Certificate of
Designation to that effect.
SECTION 7. Authorizing Execution. The Mayor or Vice Mayor
and City Clerk or Assistant City Clerk of the City representing the
City at the closing of the above - referenced bond issue is hereby
authorized to execute and deliver on behalf of the City any and all
certifications and documentation necessary or attendant to the
delivery of the Bonds, as directed by Bond Counsel.
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PASSED AND APPROVED THIS 3RD DAY OF MARCH, 1998.
(SEAL)
ATTEST:
APPROVW AS TO FORM:
D. Cates, City Attorney
CITY OF OWASSO, OKLAHOMA
jP
Name: Mary Lou Barnhouse
Title: Mayor
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Name
marrla
Boutwell
Title:-
CiXV
Clerk
APPROVW AS TO FORM:
D. Cates, City Attorney
CITY OF OWASSO, OKLAHOMA
jP
Name: Mary Lou Barnhouse
Title: Mayor
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